Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 1
Consumer Action Law Centre has published part 1 of its initial submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the experience of the Centre assisting Victorians through legal advice and representation, and financial counselling.
The submission identifies various kinds of misconduct by financial services, as well as the nature, prevalence and effect of that misconduct. It also identifies various other kinds of conduct and practices that have fallen below community expectations. These include:
- Irresponsible lending, particularly in relation to credit cards, car finance and home loans;
- The impact of over-indebtedness
- Unlawful sales practices in relation to insurance, property spruiking and timeshare
- The design of credit cards
- The marketing of credit
- Low value insurance products
- Excessive bank fees
- Poor customer service and complaints handling
- Debt management firms
Read the full submission here [PDF]
Submission updated 18/03/2018. Please refer to copy available at link above or embedded below and update any copies you may have in your own files.
Submission Part 2 is now available here
180122 Consumer Action Sub to Royal Commission Part 1 FINAL Readcated 180323
